An argument for cyber insurance: Simplify recovered most of its costs

24/05/2023 | Pinsent Masons

A recent disclosure to Companies House in the UK has highlighted the benefits of having cyber insurance cover, according to cyber risk expert Christian Toon of Pinsent Masons. The Law Gazette recently reported that a company was able to recover the majority of costs attributed to a cyber incident in 2021 from its insurance provider, as shown in annual accounts filed by UKLS Acquisitions Limited. The cyber attack on Simplify in November 2021 resulted in exceptional costs of almost £7.3 million, but the company was able to successfully claim nearly £6.8m from its insurers. However, there is growing scrutiny of the cyber insurance market, with concerns that it may become unviable for many organisations. The Federation of European Risk Management Associations is seeking a more collaborative approach to cyber insurance to balance the risk appetite of the insurance market with the coverage requirements of corporate buyers.

Read Full Story
Cyber insurance, umbrella

What is this page?

You are reading a summary article on the Privacy Newsfeed, a free resource for DPOs and other professionals with privacy or data protection responsibilities helping them stay informed of industry news all in one place. The information here is a brief snippet relating to a single piece of original content or several articles about a common topic or thread. The main contributor is listed in the top left-hand corner, just beneath the article title.

The Privacy Newsfeed monitors over 300 global publications, of which more than 4,350 summary articles have been posted to the online archive dating back to the beginning of 2020. A weekly roundup is available by email every Friday.

Freevacy has been shortlisted in the Best Educator category.
The PICCASO Privacy Awards recognise the people making an outstanding contribution to this dynamic and fast-growing sector.